How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Lev Your Own Question
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 28084
Experience:  Taxes, Immigration, Labor Relations
870116
Type Your Tax Question Here...
Lev is online now
A new question is answered every 9 seconds

Received letter CP501H concerning tax due. What is Shared

Customer Question

Received letter CP501H concerning tax due. What is Shared Responsibility payment?
Submitted: 1 year ago.
Category: Tax
Expert:  Lev replied 1 year ago.
What is the shared responsibility payment?The shared responsibility payment (SRP) amount that you owe is the assessed payment for not having minimum essential health coverage for you and, if applicable, your dependents per Internal Revenue Code Section 5000A - Individual shared responsibility payment.If you disagree, contact the IRS immediately at the toll-free number on the top right corner of your notice.
Expert:  Lev replied 1 year ago.
The main issue why you received that notice - because you have a balance due (money you owe the IRS) on your tax account. That specific notice is related to the shared responsibility payment (SRP) amount that you owe is the assessed payment for not having minimum essential health coverage for you or dependents you claimed on your tax return.The law prohibits the IRS from using liens or levies to collect any individual shared responsibility payment. However, if you owe a shared responsibility payment, the IRS may offset that liability against any tax refund that may be due to you.Let me know if you need any further help.